Provide solution The following information is available regarding Grace Smit'scapital account in Enterprise Consulting Group, a generalpartnership, for a recent year:Beginning of the year balanceShare of partnership income$38,000$12,500Withdrawals made during the year $7,600What is Smit's partner's return on equity during the year inquestion?A. 12.9%B. 12.1%C. 46.9%D. 30.9%E. 29.1%

Step 1: Introduction to the Return on EquityReturn on equity is a gauge of profitability and…

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Financial Accounting

14th Edition

ISBN:9781305088436

Author:Carl Warren, Jim Reeve, Jonathan Duchac

Publisher:Carl Warren, Jim Reeve, Jonathan Duchac

Chapter12: Accounting For Partnerships And Limited Liability Companies

Section: Chapter Questions

Problem 3PA

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The partnership of Chase and Chloe shares profits and losses in a 70:30 ratio respectively after Chloe receives a $10,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $ 30,000 B. $ 6,000 C. ($10,000)
The partnership of Tatum and Brook shares profits and losses in a 60:40 ratio respectively after Tatum receives a 10,000 salary and Brook receives a 15,000 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $40,000 B. $25,000 C. ($5,000) In addition, show the resulting entries to each partners capital account. Tatums capital account balance is $50,000 and Brooks is $60,000.
The partnership of Magda and Sue shares profits and losses in a 50:50 ratio after Mary receives a $7,000 salary and Sue receives a $6,500 salary. Prepare a schedule showing how the profit and loss should be divided, assuming the profit or loss for the year is: A. $10,000 B. $5,000 C. ($12,000) In addition, show the resulting entries to each partners capital account.
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Income summary shows a credit balance of 1,800,000 at the end of the first year of operations.1. By what amount will the capital balance of MAR182 be credited on January 1, 2018?2. By what amount will the capital balance of MAR186 be credited on January 1, 2018?3. How much is the total assets of the partnership at the date of formation?4. What is the net effect of the adjustments made on January 1 to MAR186 capital balance?5. What is the weighted average capital of MAR182 in 2018?6. How much is the bonus given to MAR186?7. How much is the share of MAR182 in the partnership net income?8. How much is the share of MAR186 in the partnership net income?9. What is the ending adjusted capital balance of MAR182?10. What is the ending adjusted capital balance of MAR186?
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Mee Su is a partner in Hartford Partners, LLC. Her partnership capital balance at the beginning of the current year was $110,000, and her ending balance was $124,000. Her share of the partnership income is $10,500. What is her partner return on equity? a. 8.97% c. 9.54% e. 8.47% b. 1060.00% d. 1047.00%
Prepare the following accounts for the month of September 2021. a.Dissolution (Realisation) account. b.Partners’ Capital accounts, in columnar form. c. The partnership Bank account.
Show how profit or loss distributed
1. How much cash was received by A at the end of partnership liquidation? 2. How much cash was received by B at the end of partnership liquidation?
2.) XY Partnership had the following balances as of the year ended December 31, 2019. Description Partner X Partner Y 10,000 8,000 Beginning Capital Withdrawals 2,000 1,500 Additional Investments 1,200 3,000 Division of Profit/Loss 60% 40% Net income of the Partnership amounted to Php 4,000. Required: Provide a statement of Changes in Partner's Equity with complete parts 3.) xyCorporation had the following balances as of the year ended December 31, 2019. Beginning Shareholder's Equity -- Php 20,000 Share Issuances (Additional Investment) -- Php 25,000 Dividends declared (Distribution of Income) - Php 10,000 Net Income Year 2019 - Php 15,000 Required: Provide a Statement of Changes in Shareholder's Equity with complete parts

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